Bangalore based logistic startup LetsTransport which claims to be increasing efficiency in the logistics and transport business has secured an investment of $13.5 million as it aims to grow quick and fast. Bertelsmann India Investments led the latest Series B round funding which saw participation from China’s Fosun International and others.
The company helps firms get in touch with the truck owners to help them out in their last mile distribution. It also offers fleet management and intelligent routing solutions as well. LetsTransport was started in 2015 by Ankit Parasher, Pushkar Singh, Sudarshan Ravi, all IIT Kharagpur graduates. The company has secured about $33 million in the capital since its inception. Rebright Partners, NB Ventures, Japanese firm GMO Venture Partners and Mitsui Sumitomo Insurance Venture Capital are the other investors in the firm.
Currently operating in seven cities in the country; counts the likes of Coca-Cola, Amazon, Metro Cash & Carry and Big Bazaar as customers whom it has connected with over 20,000 truckers to carry out the job. Singh, the CEO of the company talking about the current plans said, “We’re trying to consolidate our position in India and [are] looking at products that can be offered internationally. The needs of an emerging market are quite similar. It needs a little localization but we have a great product.” Singh hinted that they’re figuring out the markets in Southeast Asia and Africa.
The fresh infusion might have come at the exact point of time for LetsTransport as it tries to expand their offerings with various new modules.
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